15 Jan 2010 18:24

VEB raising syndicated loan of $700 mln, EUR 100 mln at LIBOR/EURIBOR+2.75%

MOSCOW. Jan 15 (Interfax) - Vnesheconombank (VEB) on January 14 signed an agreement to raise a syndicated loan of $700 million and EUR 100 million, the bank said in a statement.

The loan tenor is three years and the interest rate is LIBOR/EURIBOR+2.75% pa.

The syndicate includes 13 banks: The Bank of Tokyo - Mitsubishi UFJ Limited, Barclays Capital, BNP Paribas, Calyon, Citigroup, Deutsche Bank AG, HSBC Bank PLC, Intesa Sanpaolo Bank Ireland PLC, Societe Generale Corporate & Investment Banking, Sumitomo Mitsui Banking Corporation Europe Limited, UBS AG and UniCredit Group, West LB AG.

Barclays Capital is the loan coordinator.

Earlier sources at Interfax said that VEB could close a deal for raising an $850-million-$875 million loan in January 2010. This syndicate could involve 12 banks.

At the end of 2009, the deputy chairman of VEB, Pyotr Fradkov said that the bank plans in the near future to close the syndicate of two loans worth a total of $2.5 billion. The bank proposes one loan worth up to $1 billion over a period of three years that will be earmarked for corporate needs. A second loan will be raised over 13 years worth $1.5 billion for financing a SIBUR project.

VEB last raised a syndicated loan totaling $335 million for three years at EURIBOR+0.75% in October 2008. The main organizers of this transaction was Barclays Capital (the investment subsidiary Barclays Bank Plc), ING Wholesale Banking, Intesa Sanpaolo Bank Ireland Plc., Mizuho Corporate Bank Ltd, Societe Generale and Sumitomo Mitsui Banking Corporation Europe